We have sold a house in British Columbia. Subjects were removed by the buyer but the close not for 7 weeks. Our circumstances have changed regarding qualifying for a mortgage to purchase a new home. Can we cancel the contract? What are the ramifications? Thank you.

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If a buyer is under contract to buy a reo property and decided the day of closing they want to terminate, other than losing their earnest money, what is the worst that can happen? can they be sued for specific performance? in this case, they have decided at the very last minute they want to purchase another property that has recently become available.

IF there is not valid reason to terminate the contract other than "changing their mind";; then yes, they can sue for performance. Many times, however, w/ the amt of REOs the mgmt co may just make some threats and just relist the property and you would only be out of earnest money. Not guaranteed but seen it happen..

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I am buying a co-op apartment in ny. i would like to close 2-3 weeks after the date on the contract. do i have any leeway on this? the contract says "on or about"?

Usually you have a final close by date. You can close anytime before or on that date. If you want to close later you have to amend the offer to purchase and both parties have to agree to it.

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Can i take legal action against them if so what?

In most cases, what you are asking about is specific performance. But if there is language in the contract that allows them to break the contract, they can walk away. For instance, if they had a contingency that said they had to qualify for financing at a certain rate and they did not qualify, they may be able to break this contract. However, if they are attempting to void the contract without a contingency to protect them, they are setting themselves up for a specific performance law suit. In my area, not many people pursue this route, but it is an option.

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As with any contract... it depends. In this case it depends on the buyer and seller. If they want the transaction to continue they can amend the contract to extend the date. If either wants out... well, the contract has expired and they may be able to do that.... here it depends on why the date expired. Did either party fail to deliver on their terms of the contract thereby causing the expiration date to pass? If so they may be at fault and open to litigation. If the date passes because the escrow company hasn't completed it's work... that happens all the time. It is neither the fault of the buyer or seller in this case. If there are no mitigating circumstances that have caused the escrow company to be late they may be open to a lawsuit. If there are issues with the title which don't allow the escrow company to complete their work then the buyer may want to reconsider their purchase. Generally though, if both parties still want the transaction to take place then a few days one way or the other won't matter. My 2 cents, Nick

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Depends on your state. Many states have a 3 day "right of rescission" - you can back out after 3 days. That is why a lot of HELOCs do not fund for 3 days after closing. It depends on the type of contract and the state you live in. You can also google "+your state+ right of rescission law" to find out.

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You will be sued for nonperformance. It will not go well for you.

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I have entered into a "residential real estate sale contract"(generic contract with fill in the blanks) to sell my home. there is a section entitled "closing and possession" which says (clsoing shall be completed on or before) <fill in date>. if the buyer does not secure funds on delays closing past closing date listed on contract does that release me from the obligation to sell if i choose? is there an unwritten "reasonable grace period" afforded to the buyer to secure funds past closing date listed on contract? sorry for typos. i guess yahoo doesnt allow editing question once its posted. the buyer has not put up any earnest money per my request. i thought it might allow me to cancel easier if i changed my mind.

Of course it also depends on other clauses of your contract (e.g., extension clause, contingecies, etc), but to answer your question based on the information provided, please note the following: 1) There is no such thing as "unwritten reasonable grace period" in any contract. 2) You may wish to give the buyer a notice to perform within a reasonable period of time (i.e., 48 hours). 3) If he or she fails to perform, arguably he or she will be in breach of contract, which would allow you to cancel the contract. 4) However, it doesn't mean that the buyer cannot or will not commence a legal action for specific performance. But the question is, "will he or she win?" Probably not. 5) FINALLY, AND MOST IMPORTANTLY, irrespective of the quality and quantity of responses you get on this board, the best advice is for you to have a competent attorney review the ENTIRE contact and give you a professional advice. Hopefully, this addresses your question. However, please note the following disclaimer: The information herein is provided solely for educational purposes. Nothing here shall be construed as legal, tax or any other professional advice. Good luck, TheREMpro http://www.RealtyCounselors.com

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Of course they can back out, but if there is a real estate purchase contract in place, they can be sued for specific performance, that is, they can forced to sell by a court under the terms of the contract. If they have sold to someone else, the failed buyer can get damages. Also, if you want to deter others from buying the land, try to record the a copy of the contract in the land records, which will make other potential buyers leery of getting involved.

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...if the seller decides not to sell the house after signing the contract, but before final closing?

Depends if he had a good legal reason or not. If he just changed his mind, that's not good enough. In the US, this is one of the few contracts that can be enforced with "specific performance". The means that a court can order the house turned over to the buyer, plus penalties for costs of living somewhere else, plus all buyer's legal fees. But if the BUYER was the first one to break any provision of the contract or real estate law , then the seller might have a good reason to cancel the contract.

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I'm selling real estate in florida, and i'm currently in contract with a buyer. a large deposit is in escrow, but it is contingent on buyer's ability to get approval for a loan. he is approved for an 80% loan, and would have to pay 20% down at closing. this sounds like a usual type of loan given this housing market, even though the buyer wants a better loan. if the buyer does not go through with the contract, and claims he was not able to get the loan he wanted, am i eligible to collect the deposit that is in escrow?

You'll have to read the contract. My guess would be no. Usually if I buy property I put clauses that read 'upon receiving acceptable financing' and "upon acceptable inspection"; these are vague enough that I can back out if I get "cold feet" since it's up to me (the buyer) to decide what "acceptable" financing and inspection is.